Having the right amount of coverage is important, maybe the most important factor, in your insurance program. While there are detailed processes (here) we suggest to figure out what limit you need, here are four signs that you have too little malpractice coverage: 1) “Same limit as ten years ago” – Times have changed – […]
Posts Tagged ‘risk management’
Managing Partner Errors: The four common but correctable professional liability mistakes
June 11th, 2014
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It’s true. Managing partners are making some key mistakes that are costing the firm money and more importantly, imperiling their firm. They are pressed for time, so some of these mistakes are from a lack of attention, but it’s mostly from a piecemeal understanding of key decision points for their professional liability program. The four […]
Avoiding The Professional Liability Claims That Can Destroy Your Firm – and it’s not what you think
October 16th, 2013
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If properly reported to insurance companies, your professional liability policies cover you for claims made against you for errors and omissions in your practice of law. While most claims are reported when you first are put on notice of an impending lawsuit, other times it is appropriate to report a claim when a circumstance arises […]
Suing for your fees: Three insurance considerations to safely collect what’s rightfully yours
April 17th, 2013
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As old as the practice of law, the rare but always present need to deal with clients who do not pay their bill has persisted. There are the accounts receivable calls, the awkward reminder calls, the pressing deal-making December calls and every other follow up procedure that you have implemented in the firm to avoid […]
The four methods to determine your professional liability insurance limits. The most important but least deliberated annual decision.
December 19th, 2012
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What is the most important part of your professional liability policy? Without exaggeration, the most important part of your policy is your limit. All the bells and whistles won’t protect your firm and personal assets if you don’t have enough coverage. We spend many days and hours negotiating with insurance companies over the fine print […]
Attention Dewey & LeBoeuf lawyers
May 3rd, 2012
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Issue Summary: We help individual lawyers (and groups of lawyers) who work at law firms facing bankruptcy purchase insurance policies to cover their professional liability exposure that will remain with them personally beyond their current employment. Background: An attorney’s professional liability exposure is personal. Under normal circumstances, law firms provide ongoing coverage for its lawyers […]
Law Firm Landlord – 5 General Liability strategies to keep the rent money and avoid the risk – Part II
November 3rd, 2011
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In our last post about the Law Firm Landlord, we addressed the Law Firm Landlord’s professional liability exposures and in part II below, we will address the general liability insurance risks involved when subleasing your office space to another firm. While it is tempting to receive the rental income, you must follow certain steps to […]
Oops one of your lawyers isn’t really a lawyer! It just happened again to another firm. What should you do?
July 15th, 2011
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There is a new fraudster exposed who was posing as a lawyer. While it’s early in the investigation, it seems as if Mark Pastuszak has worked at two prestigious NY law firms claiming to be a lawyer admitted inNew YorkandNew Jersey. In truth, he was admitted in neither. At blog press time, his law school […]
The 10 Point Professional Liability Insurance Comparison Checklist
December 28th, 2010
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The 10 Point Professional Liability Insurance Comparison Checklist: The fine print that you need to know in buying professional liability insurance. Part 1. When competitively bid, premiums were down another 10-15% for most law firms on their renewals. But comparing quotes is more complex then just the premiums and deductibles. You have to rely on […]
The Big Lie in Professional Liability Insurance
November 9th, 2010
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The Big Lie in Professional Liability Insurance
